SINGAPORE - Realty Centre, an office building located at 15 Enggor Street within the Central Business District, has kick-started 2019's collective sales of commercial sites by launching a tender with a $165 million reserve price, marketing agent Cushman & Wakefield said on Monday (Jan 7).
The freehold site, which has a land area of 1,021.9 sq m, or about 11,000 sq feet, is zoned for commerical use under the Urban Redevelopment Authority's 2014 Master Plan.
According to the Master Plan, it has plot ratio of 5.6 times and a maximum storey height of 35 storeys. The site can yield approximately 5,722.64 sq m or 61,598 sq ft of gross floor area upon redevelopment. In addition, the plot has a verified gross floor area of 5,514.24 sq m or approximately 59,355 sq ft, equivalent to a plot ratio of about 5.4 times.
Based on the reserve price, the land rate for the site will come up to about $2,714 per sq ft per plot ratio, inclusive of an estimated development charge amount of around $2.2 million.
The property is located within a five-minute walk to the Tanjong Pagar MRT station and the upcoming Prince Edward MRT station on the Circle Line. The latter is due to be completed by 2025.
Realty Centre is also in the vicinity of Amara Hotel/100AM and Tanjong Pagar Centre, among others.
Said Ms Christina Sim, director of capital markets at Cushman & Wakefield: "This offering gives the potential developer a compelling opportunity to have a presence in our Central Business District. Further, the site is also within the Tanjong Pagar Master Plan, a location slated for a massive transformation.
"With the planned relocation of Singapore's container ports to Tuas, which will free up some 1,000ha of prime waterfront land, collectively known as the Greater Southern Waterfront, Tanjong Pagar will be a colourful masterpiece showcasing the old and the new, the best of Singapore."
The tender for Realty Centre will close on Feb 21 at 3pm.
Correction Note: A previous version of the article incorrectly stated that the plot has approximately 321,797 sq ft of gross floor area upon redevelopment. This is incorrect. We apologise for the error.